Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Jan. 23, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | ALTAIR INTERNATIONAL CORP. | |
Entity Central Index Key | 1,570,937 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 496,732,553 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,019 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Current Assets | ||
Cash | $ 5,116 | $ 75 |
Advances and deposits | 3,567 | |
Total current assets | 8,683 | 75 |
Total assets | 8,683 | 75 |
Current Liabilities | ||
Accounts payable | 17,948 | |
Loans payable | 14,165 | 14,165 |
Interest payable | 927 | 1,354 |
Promissory note due to related party | 30,000 | 45,000 |
Total current liabilities | 45,092 | 78,467 |
Total Liabilities | 45,092 | 78,467 |
Stockholders' Equity (Deficit) | ||
Common Stock, $0.001 par value, 2,000,000,000 shares authorized; 496,732,553 shares issued and outstanding at December 31, 2018 and 47,747,245 as at March 31, 2018 | 496,733 | 47,747 |
Additional paid-in capital | 350,693 | 432,052 |
Common Stock subscribed | 267,627 | |
Accumulated deficit | (883,835) | (825,818) |
Total stockholders' equity (deficit) | (36,409) | (78,392) |
Total liabilities and stockholders' equity (deficit) | $ 8,683 | $ 75 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 2,000,000,000 | 75,000,000 |
Common stock, issued | 496,732,553 | 47,747,245 |
Common stock, outstanding | 496,732,553 | 47,747,245 |
STATEMENT OF OPERATIONS (Unaudi
STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | ||||
Total General and Administrative expenses | $ 12,169 | $ 1,763 | $ 56,417 | $ 3,462 |
Gain on conversion of debt | (63,417) | |||
Change in the fair value of derivative liabilities | (244,717) | |||
Interest expense | 454 | 688 | 1,600 | 136,342 |
Loss (earnings) before income taxes | 12,623 | 2,451 | 58,017 | (168,330) |
Income taxes | ||||
Net loss (earnings) | $ 12,623 | $ 2,451 | $ 58,017 | $ (168,330) |
Loss (earnings) per share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ (0.005) |
Weighted Average Shares - Basic and Diluted | 496,732,553 | 46,202,547 | 166,179,618 | 36,722,783 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (58,017) | $ 168,330 |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Changes in Advances and deposits | (3,567) | |
Changes in Accounts payable | (17,948) | (3,942) |
Changes in Interest payable | (427) | 12,056 |
Changes in Fair value of derivative liabilities | (244,717) | |
Gain on conversion of debt | (63,417) | |
Changes in Debt discount | 124,287 | |
Cash Used In Operating Activities | (79,959) | (7,403) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from common stock subscriptions | 100,000 | |
Payments on Promissory Note due to related party | (15,000) | |
Cash provided by financing activities | 85,000 | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 5,041 | (7,403) |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 75 | 7,523 |
End of period | 5,116 | 120 |
Supplemental disclosures of cash flow information | ||
Taxes paid | ||
Interest paid | ||
Non-cash Financing and Investing Activities | ||
Conversion of loans from third parties | 30,000 | |
Conversion of Promissory Notes to Third Parties | 332,213 | |
Conversion of Promissory Notes to Related Party | 39,373 | |
Accrued Interest on Promissory Notes | 23,943 | |
Conversion of and Accrued Interest on Promissory Notes, total | 425,529 | |
Interest expense - debt discount in period | 124,287 | |
Reduction of derivative liability in period | 252,896 | |
Reduction of derivative liability - mark to market on conversion of Promissory Notes | 55,238 | |
Reduction of derivative liability, total | $ 308,134 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Organization and Description of Business ALTAIR INTERNATIONAL CORP. (the “Company”) was incorporated under the laws of the State of Nevada on December 20, 2012. The Company’s physical address is 18934 N 92 nd The Company is currently engaged in identifying and assessing new business opportunities. On November 11, 2014, the Company entered into a strategic alliance with Cure Pharmaceutical Corporation (“CURE”), a California company engaged in the development of oral thin film (“OTF”) for the delivery of nutraceutical, over-the-counter and prescription products. This alliance was initially comprised of an Exclusive License and Distribution Agreement for CURE’s Sildenafil Products in defined territories, a joint venture agreement for the procurement of equipment specific for oral thin film products and further joint ventures and other business relationships for the purpose of completing the development and marketing of additional products. Altair advanced $560,000 to CURE in this regard. In September 2016, the Company and CURE agreed to terminate the Exclusive License and Distribution Agreement for CURE’s Sildenafil Products. In its place, the Company and CURE entered into an Exclusive License and Distribution Agreement for a family of sports related nutraceutical products. The Company has been unable to generate any sales of these products due to a lack of working capital and the human resources required to introduce the products to market. The Company wrote off its $560,000 investment in the agreement in the financial statements for the year ended March 31, 2017. The Company had previously planned to commence operations in the architectural field and to be responsible for the concept architectural vision of future private and public buildings as well as municipal organized public areas. This plan was abandoned in the 2015 fiscal year in favor of the business operations described above. Since inception (December 20, 2012) through December 31, 2018, the Company has not generated any revenue and has accumulated losses of $883,835. In management’s opinion all adjustments necessary for a fair statement of the results for the interim periods have been made, and that all adjustments have been made to maintain the books in accordance with GAAP. Furthermore, sufficient disclosures have been made in order to ensure that the interim financial statements will not be misleading. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $883,835 as of December 31, 2018 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the nine month periods ending December 31, 2018 and 2017 and year ending March 31, 2018. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2018 the Company's bank deposits did not exceed the insured amounts. Basic and Diluted Income (Loss) Per Share The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the nine month period December 31, 2018. |
LOANS PAYABLE
LOANS PAYABLE | 9 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
LOANS PAYABLE | NOTE 4 – LOANS PAYABLE During the fiscal year ended March 31, 2016, the Company obtained a loan from a third party in the amount of $4,175. A further $9,990 was loaned to the Company in the six months ended September 30, 2016. This loan is non-interest bearing, is unsecured and has no fixed terms of repayment. |
LOAN ADVANCES
LOAN ADVANCES | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
LOAN ADVANCES | NOTE 5 – LOAN ADVANCES On April 10, 2018, the Company entered into a non-binding Memorandum of Understanding with Dr. Judy Pham wherein Dr. Pham agreed to provide up to $100,000 in equity financing to assist with a corporate reorganization including bringing the Company current in its regulatory filings. On September 26, 2018 Dr. Phan completed her commitment to advance the Company $100,000. On September 27, 2018, the Company entered into a Securities Purchase Agreement with Dr. Judy Pham whereby she acquired 422,222,670 common shares of the Company for the $100,000 in loan advances. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 6 – COMMON STOCK On August 24, 2018, the Company increased its authorized share capital from 75,000,000 common shares to 2,000,000,000 common shares with a par value of $0.001. The Company had 47,747,245 common shares issued and outstanding at March 31, 2018. In addition, the Company had received share subscriptions and Promissory Note conversion notices for the issuance of an additional 26,762,638 common shares. These shares were issued to the subscribers on April 19, 2018. On September 27, 2018, the Company entered into a Securities Purchase Agreement with Dr. Judy Pham whereby she acquired 422,222,670 common shares of the Company for $100,000 in cash advances. The Company had 496,732,553 common shares issued and outstanding at December 31, 2018. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS From inception through September 29, 2016, the Directors loaned the Company $84,374 net of repayments to pay for incorporation costs, general and administrative expenses and professional fees and the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical. On September 29, 2016, this amount was settled through the issuance of a convertible promissory note. On September 29, 2017, the Director converted $39,373 of principal and $5,062 accrued interest on the promissory note into 4,443,565 shares of common stock. A new non-convertible unsecured, 6% promissory note for the remaining principal balance of $45,000 was issued. The new note matures in eighteen months. On September 29, 2018, the Company made a partial repayment of $15,000 on this note. On September 29, 2016, the Company entered into a consulting agreement with the Company’s sole officer and director for the provision of management and financial services. This agreement called for a one time payment of $10,000 on signing of the agreement, and payments of $5,000 per month for six months, terminating on March 30, 2017. In addition, an amount of $5,000 for services provided in September, 2016 was payable on either the termination of the contract or completion of a minimum $500,000 financing. All amounts due to the consultant pursuant to this contract ($47,500) had been paid by December 31, 2018. On April 10, 2018, the Company agreed to pay the sole officer and director of the company $2,500 per month for a period of 4 months for the provision of management and financial services. On September 1, 2018, the Company agreed to extend this contract on a month-to-month basis at the existing rate of $2,500 per month. $20,000 has been paid to December 31, 2018 pursuant to this agreement. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations from December 31, 2018 to January 22, 2019 and has determined that it has no material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the nine month periods ending December 31, 2018 and 2017 and year ending March 31, 2018. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2018 the Company's bank deposits did not exceed the insured amounts. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the nine month period December 31, 2018. |
ORGANIZATION AND BUSINESS OPE_2
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2015 | Dec. 31, 2018 | Mar. 31, 2018 | |
Organization And Business Operations | ||||
Cash advanced to CURE | $ 560,000 | |||
Write off of Sales and Distrubtion Licenses | $ 560,000 | |||
Accumulated losses | $ (883,835) | $ (825,818) |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (883,835) | $ (825,818) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
Maximum amount insured on bank deposits | $ 250,000 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Mar. 31, 2016 | |
Payables and Accruals [Abstract] | ||
Additional loan from third party | $ 9,990 | $ 4,175 |
LOAN ADVANCES (Details Narrativ
LOAN ADVANCES (Details Narrative) | 9 Months Ended |
Dec. 31, 2018USD ($)shares | |
Notes to Financial Statements | |
Advances received pursuant to Securities Purchase Agreement | $ | $ 100,000 |
Common stock issued pursuant to Securities Purchase Agreement, shares | shares | 422,222,670 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Common stock, authorized | 2,000,000,000 | 75,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued and outstanding | 496,732,553 | 47,747,245 |
Common stock, shares issued and outstanding | 496,732,553 | 47,747,245 |
Promissory note conversions, shares issued | 26,762,638 | |
Advances received pursuant to Securities Purchase Agreement | $ 100,000 | |
Common stock issued pursuant to Securities Purchase Agreement, shares | 422,222,670 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 45 Months Ended |
Sep. 30, 2016 | Mar. 30, 2017 | Dec. 31, 2018 | Sep. 29, 2016 | |
Related Party Transactions [Abstract] | ||||
Loans from Directors | $ 84,374 | |||
Partial repayment on new Promissory Note | $ (15,000) | |||
One time payment to officer upon signing of consulting agreement (1) | $ 10,000 | |||
Monthly payment to officer per consulting agreement (1) | $ 5,000 | |||
Additional payment for services provided (1) | $ 5,000 | |||
Amounts paid pursuant to contract (1) | 47,500 | |||
Agreement with sole officer and director of Company, monthly payment (2) | 2,500 | |||
Amounts paid pursuant to agreement (2) | $ 20,000 |